Rise in Home Sales

A recent article from Bloomberg details the rise in home sales, and other boring but important information on the housing market. Here’s the whole article. But just in case, I’ve listed important points below.

“Purchases of new U.S. homes rose in August, capping the weakest two months this year, showing the fallout from mortgage rates at a two-year high is cooling the real-estate rebound.”

“Sales increased 7.9 percent . . .”

“’The jump in mortgage costs is a significant factor in home purchase decisions, so the housing recovery will abate to some degree,’ said Russell Price, a senior economist at Ameriprise Financial Inc.”

“The median sales price for a new home increased 0.6 percent from August 2012, to reach $254,600, today’s report showed.”

“Purchases rose in three of four U.S. regions, led by a 19.6 percent jump in the Midwest. Sales dropped 14.6 percent in the West to an 82,000 annualized pace, the weakest since March 2012.”

“There were 175,000 new houses on the market at the end of August, the most since March 2011.”

“New-home sales, tabulated when contracts are signed, are considered a timelier barometer than purchases of previously owned dwellings, which are calculated when a contract closes.”

Lennar Corp. (LEN), the third-largest U.S. homebuilder by revenue, said its fiscal third-quarter earnings rose as the company sold more houses and raised prices. The housing recovery ‘is still very much intact,’ said Stuart Miller, chief executive officer of the Miami-based builder.”

 

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